Dealer’s Diary
The benchmark indices opened positive following cues from Asian markets, which traded in green after opening weak. US markets closed in red yesterday. Indian markets witnessed steady morning and afternoon sessions, led by banking stocks. However, a sharp sell-off took markets past previous session’s close to intraday lows in late afternoon trade. Markets witnessed marginal recovery in the final session. The market breadth reversed, with losers outnumbering the gainers in the final session. The Sensex and Nifty ended the day with losses of 1.0% each. Mid-cap and small-cap indices outperformed the Sensex and closed lower by just 0.6% each. Among the front-liners, Tata Power, Cipla, HDFC, ITC and NTPC were up by 1–2%, while Hindalco, Reliance Communication, Bharti Airtel, ICICI Bank and DLF were down by 3–6%. In the mid-cap segment, M&M Finance, Gee Kay Finance, Kwality Dairy, P&G and Kingfisher Airlines were up by 4–9%, while REI Agro, Whirlpool, GTL Infra, KS Oils and India Bulls Real Estate were down by 4–9%.
Markets Today
The trend deciding level for the day is 16691 / 5009 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16822 – 17026 / 5050 – 5113 levels. However, if NIFTY trades below 16691 / 5009 levels for the first half-an-hour of trade then it may correct up to 16487 - 16356 / 4946 – 4905 levels.
Economic and Political News
• Govt. wheat procurement down by 7% for the year
• Special Courts to try Economic Offences likely
• State FMs seek Dual Rate, exclusion of local body taxes & electricity duty from GST
Corporate News
• TCS bags ISE trading, clearing platform order
• Patni signs JV pact with Japan's JR Kyushu
• Ranbaxy launches generic cholesterol drug in South Africa
• Punj Lloyd gets Rs180cr contract from RGIPT
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